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ignore the pencil On June 8, L R & D Company (Maker) issued a $100,000,6% (APR), 120 day note payable to M & F Company
ignore the pencil
On June 8, L R \& D Company (Maker) issued a $100,000,6% (APR), 120 day note payable to M \& F Company (Payee). Assume the fiscal year of M \& F Co. ends June 30 and a 360-day year. *Remember months have different # of days and decimal points make a difference. a. What is the due date? b. What is the maturity value of the note? c. What is the amount of interest expense recognized by LR&DCo, in the current fiscal year? d. What is the amount of interest revenue recognized by M&FCo. in the following year Step by Step Solution
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